The Winnipeg Jets have a Connor Hellebuyck problem on their hands. Notably, the Jets’ franchise goaltender is still on their roster despite Winnipeg’s efforts to finalize a trade.

Hellebuyck, 33, has five years left on an $8.5 million AAV contract extension he signed in 2023 with the intention to be a “Jet for life” — a favourite mantra of Jets management that Hellebuyck picked up and used throughout Winnipeg’s 2025 playoff run.

Then the Jets followed their first-place finish and second-round playoff exit with a dismal 26th-place finish in 2025-26. Hellebuyck went from so moved by the fan support he got during Game 7 against St. Louis – “It’s a big reason why I’m going to be a Jet for life” – to being frustrated by the team’s inability to build a contender.

“What we did this year was unacceptable,” Hellebuyck said in April. “No one wants to be part of that.”

Winnipeg’s trade efforts have been unsuccessful thus far. Offers from Carolina (Alexander Nikishin and a first-round pick) and Florida (nothing that included Anton Lundell) were underwhelming. But there’s a persistent thought that the Jets’ many trade conversations with the Buffalo Sabres may yet lead to a trade.

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It’s believed the Jets and Sabres came close to finalizing a trade prior to the draft, but Winnipeg was unwilling to part with the No. 8 pick it used on Viggo Björck. The Jets still signed Stuart Skinner, who shares Hellebuyck’s agent, in a presumed effort to find a starter upon Hellebuyck’s departure.

Meanwhile, after a quiet July 1, Sabres general manager Jarmo Kekäläinen has expressed confidence in his roster. Buffalo lost Alex Tuch to free agency and traded Bowen Byram along with Jordan Greenway to the Chicago Blackhawks for a package that included the No. 4 pick, a second-round pick and defenseman Louis Crevier. He flipped that second-rounder for Ducks defenseman Olen Zellweger. Crevier and Zellweger are the only notable additions to the Sabres’ roster.

Kekäläinen thinks internal development from Buffalo’s core of young players will help the team build on its first playoff appearance in 15 years. But the Sabres’ roster is crowded with 15 NHL forwards, seven defensemen and three goalies. Buffalo still has $4.1 million in cap space, and Kekäläinen has also acknowledged that there will eventually come a time for a big swing to push this roster forward. Trading for Hellebuyck would be just that type of move.

Could the Sabres and Jets still be a fit? Do trade chips like Ukka-Pekka Luukkonen and Josh Norris still make sense despite gaining trade protection on July 1? What else might Buffalo and Winnipeg do to get a trade across the finish line?

What would Hellebuyck’s impact be in Buffalo?

Goaltending wasn’t exactly a weakness for the Sabres last season. In fact, during the regular season, it was a strength. Luukkonen and Alex Lyon were a formidable tandem. Both started 34 games. Lyon had a 2.77 goals-against average and .907 save percentage. Luukkonen had a 2.52 goals-against average and .910 save percentage. Buffalo also sprinkled in 14 starts for rookie Colten Ellis, who had a .903 save percentage and 2.90 goals-against average. Kekäläinen had defended Buffalo’s goalies numerous times since the end of the season and seems comfortable going into the season with the same three goalies.

But Buffalo’s goalies were also a bit of a weak spot in the team’s second-round series against Montreal. Lyon took over for Luukkonen in the first round against Boston and was brilliant. He faltered early in the Sabres’ series against the Canadiens. He and Luukkonen ended up alternating starts in games five, six and seven. Luukkonen started Game 7 and allowed a tough goal in overtime that ended the Sabres’ season.

The Sabres could do worse than a goalie trio that makes a combined cap hit of roughly $7 million. But Hellebuyck is a rare chance at a clear upgrade. In the sport’s most volatile position, Hellebuyck has been a picture of consistency. Prior to a down year that included a knee scope and a huge step back in the quality of Winnipeg’s defence, Hellebuyck had eight straight seasons with a save percentage of .910 or better. He won the Hart Trophy in 2024-25. And while he has been underwhelming in the playoffs during his career, Hellebuyck was sensational in Team USA’s gold-medal win over Team Canada at the Olympics earlier this year. With five more seasons at a reasonable $8.5 million cap hit, Hellebuyck could make a major impact in Buffalo, where he would get a chance to win and play for the same franchise that once featured Ryan Miller and Dominik Hasek. The Sabres wouldn’t have to enter the playoffs wondering who is starting in net.

What would Winnipeg want in return?

The Jets’ signing of Skinner removes the urgency of acquiring a goaltender like Luukkonen or Lyon in the deal. A first-round pick would be nice and the same applies to top prospects like Konsta Helenius or Radim Mrtka, but Winnipeg’s best outcome hinges on the quality of the top six forward they get back in the deal.

Who might they covet?

Zach Benson and Josh Doan are the most enticing forward options without trade protection — and they each have ties to Winnipeg. Benson starred for the WHL’s Winnipeg ICE, while Doan’s dad, Shane, started his career with the first edition of the Jets in 1995. Either one of those players would be a home run for the Jets.

Ryan McLeod would be a more reasonable target and has already dominated alongside Jets forward Cole Perfetti. The 26-year-old playmaking centre played with Perfetti on the Saginaw Spirit’s top line during their OHL playoff run in 2019. Jack Quinn and Peyton Krebs may each have appeal, too, but wouldn’t represent the same kind of home run swing. A return of McLeod and a substantial secondary piece could be viewed as a success.

What would Buffalo be willing to pay?

Kekäläinen has made it pretty clear he isn’t keen on parting with any of Buffalo’s top young players. That list would likely include Benson and Doan along with Noah Östlund, Helenius and Jiri Kulich. Maybe the Jets wouldn’t do a deal without one of those players, but the Sabres do have other valuable trade chips they could include in the deal.

McLeod would be an interesting pivot. He was an elite penalty killer last season and is one of the fastest skaters in the NHL. His $5 million salary is a bargain given his back-to-back 50-point seasons. Losing him would hurt, but a trade to acquire a Hart Trophy winner has to hurt somewhere. And the Sabres have three young centers who could compete to fill that middle-six center spot. As it stands, Buffalo’s forward group is crowded with top-nine options. Maybe a trade like this could help loosen the log jam a bit.

Kekäläinen would probably prefer to build a package around futures considering the Sabres’ status as a contender. Buffalo has a deep pool of prospects, particularly right-handed defensemen. They just drafted another in Daxon Rudolph at No. 4. That could make Mrtka easier to part with. They also have recent second-rounders Maxim Strbak and Adem Kleber as emerging right-handed defensemen who are getting closer to being NHL-ready. And given the fact that the Sabres made two first-round picks last month, putting the 2027 first-round pick in play would make sense.

Does it make sense for the Jets?

Kevin Cheveldayoff is notoriously patient in these circumstances and has a good track record in trades wherein his hand seemed forced. Winnipeg did well trading Patrik Laine, Pierre-Luc Dubois, and Jacob Trouba, among other disgruntled Jets.

The problem is that he appears to be running out of options. Barring a surprise during what’s typically a quiet portion of the offseason, it looks like the Jets must choose between keeping Hellebuyck for another year, making a deal work with Buffalo, or finding another team willing to step up to the plate. Cheveldayoff’s history as a “grinder” helps him. It’s even possible that Hellebuyck could be placated for another run at things in Winnipeg, giving the Jets a shot at new suitors once teams’ goaltending has had the chance to let them down.

A Sabres trade makes sense the moment Cheveldayoff’s price is met — especially if it includes a viable top six forward like McLeod or Doan. The wealth of options is what makes Buffalo such a compelling trade partner from the Jets’ point of view.

Does it make sense for the Sabres?

As with anything, it depends on cost. But it’s not often that a difference-making goalie like Hellebuyck is available. The Sabres shouldn’t sacrifice what looks like a bright future for one move, but they have enough young talent to part with a few promising pieces to land a star. It’s reasonable to expect Hellebuyck to maintain an elite level of play for at least the next three seasons, if not the five years remaining on his contract. Having a dominant goalie and steady veteran leader like Hellebuyck walk into the dressing room would be a huge confidence boost for a young Sabres team ready to take another step. As long as the Sabres avoid parting with Benson, Doan, Östlund, Helenius or Kulich, this could be a deal worth doing.